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Financial services professional James Glover possesses a long history of managing successful teams in both the front and back offices of firms. As the Managing Director of Middle and Back Office Support for RBS Greenwich Capital Inc., recently rebranded as RBS Securities Inc., James Glover managed a staff of 80 professionals across various locations. With a diverse background in technology, operations, regulatory reporting, funding, market risk, and many other important elements of the financial services industry, James Glover performed as a key contributor to RBS Greenwich Capital throughout his 20 years with the firm. James Glover’s key accomplishments at RBS Greenwich Capital included the development of all of the firm’s fixed income, derivative, and equity front-office feeds to back-office bookkeeping systems; the creation of a liquidity management process that was instituted firm-wide; and the conversion of RBS Greenwich Capital systems to Calypso for settlements and Anvil for repossession processing. James Glover also demonstrated considerable skill at saving RBS Greenwich Capital money: his renegotiation of the firm’s clearing and futures agreements saved RBS Greenwich Capital over $2 million per year.

James Glover's financial expertise encompasses a wide array of product types, including equities, U.S. Treasury securities, agency debentures, agency pass-through securities, mortgage-backed securities, convertible bonds, residential loans, and commercial loans. James Glover’s operational acumen is equally impressive, and it encompasses project management, repossession, and liquidity management, as well as firm funding and reporting.

Prior to joining RBS Greenwich Capital, James Glover served as the Senior Vice President of Accounting and Budgeting at Drexel Burnham Lambert, where he supported the Government, Mortgage, and International Equity Desks. A graduate of Franklin & Marshall College, where he received a B.A. in Management and Accounting and played Division III basketball, James Glover earned his M.B.A. from New York University’s Leonard N. Stern School of Business, where he specialized in Finance.

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James Glover’s Collateral Management Primer: Tri-Party Collateral Management

Tri-party collateral management is an approach that evolved following the collapse of American securities firm Bevill, Bresler and Schulman in the mid-1980s. This company was essentially entering into repo agreements with more than one partner at once, using the same collateral for both transactions. When the company went bankrupt, the lenders realized that they had not been collateralized to the extent they had believed, leading to significant losses.

In order to prevent this type of scenario in the future, the U.S. Securities and Exchange Commission (SEC) introduced the concept of repo custodians, or management firms in charge of supervising collateral and all other aspects of the repo transaction. In addition to preventing fraud, this arrangement led to development in the collateral management industry. Custodian institutions found themselves in the position to create a market for repos, advertising assets being offered for collateral, as well as terms for the collateral, and connecting borrowers with lenders.

Tri-party collateral management also provides a variety of other benefits for borrowers and lenders. The custodian firm will conduct research into what kinds of assets constitute acceptable collateral for a given transaction, and they may require the borrower to diversify its collateral offer in order to offset risks. The operational risks of the transaction are also reduced, as the two parties involved do not need to provide the infrastructure to maintain the collateral or ensure the terms of the agreement are adhered to.

About the author: An expert in tri-party collateral management, James Glover developed many of the tools employed by RBS/Greenwich Capital for its repo transactions. He possesses over two decades of experience in finance.